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☆ Europe's central bank cuts interest rates for first time in 5 years
▼ + stars: | 2024-06-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The European Union just made its first cut to interest rates in five years. The European Central Bank lowered its main interest rate from 4% to 3.75%. Officials tend to lower interest rates when inflation is under control and they want to lift growth. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The European Central Bank (ECB) announced on Thursday that it would lower its main interest rate from 4% to 3.75%, marking its first reduction since 2019.

Persons: —, Neil Birrell Organizations: European Central Bank, Service, Union, Premier Miton Investors

☆ UK economy slipped into technical recession at the end of 2023
▼ + stars: | 2024-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy slipped into a technical recession in the final quarter of last year, initial figures showed Thursday. Though there is no official definition of a recession, two straight quarters of negative growth is widely considered a technical recession. Across the whole of 2023, the British GDP is estimated to have increased by just 0.1%, compared to 2022. "These factors affected the performance of the services and construction sectors, which are the main drivers of the U.K. "Over the coming months, we expect inflation to fall, potentially easing the pressure on U.K. households, and supporting the recovery of the consumer-driven economy," Brookes added.

Persons: Jeremy Hunt, Marcus Brookes, Brookes, Neil Birrell Organizations: National Statistics, Reuters, Finance, Bank of England, Bank of England's, Quilter Investors, Premier Miton Investors Locations: British

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The S&P 500 (.SPX) eyed its fifth straight weekly fall, while the Dow (.DJI) is on track to decline for the third straight week. Most major S&P 500 sectors were trading lower on Friday, with utilities (.SPLRCU), often considered a bond proxy, down 1.8%, while rate-sensitive real-estate (.SPLRCR) fell 1.2%. Energy (.SPNY) is set to be worst hit amongst the major S&P 500 sectors this week, while communications services (.SPLRCL) is on track to be the best performing. EV maker Tesla (TSLA.O) fell 2.2% after cutting prices of its Model 3 and Model Y vehicles in the United States.

Persons: Brendan McDermid, Tesla, Neil Birrell, advancers, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Organizations: New York Stock Exchange, REUTERS, Companies, Exxon, Dow, Nasdaq, Federal Reserve, Labor, Premier Miton, Treasury, Nvidia, Traders, Energy, JPMorgan Chase, Citigroup, BlackRock, Dow Jones, Tesla, Exxon Mobil, Reuters, Natural Resources, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, United States, Bengaluru

Output had risen 0.5% in June, and the economy grew 0.2% over the three months to the end of July. The data underlined signs that Britain's economy is weakening, perhaps by more than the Bank of England had expected ahead of its September interest rate meeting. "Either way, it does suggest that higher interest rates and sticky inflation are having a more significant effect on the economy." Unusually wet weather in July hurt output at retailers and in the construction sector, which fell 0.5%, the ONS said. Wednesday's data does not include recent, substantial upward revisions to the performance of Britain's economy up to the end of 2021.

Persons: Toby Melville, Sterling, BoE, Neil Birrell, Samuel Tombs, Andy Bruce, David Milliken, William James, Alison Williams Organizations: St Thomas ' Hospital, REUTERS, LONDON, National Statistics, Bank of England, Premier Miton, ONS, Thomson Locations: St, London, Britain, England

☆ Analysis: Investors call 'peak pessimism' for beaten-up UK stocks
▼ + stars: | 2023-09-13 | by ( Naomi Rovnick | ) www.reuters.com time to read: +6 min

"It feels like we've passed the peak of pessimism about the UK," said Daniel Lockyer, senior fund manager at 7 billion-pound investment and advice group Hawksmoor Investment Management, which increased its exposure to UK companies in August. Consumer stocks are outperforming as investors bet on the UK cost of living crisis becoming less intense. Reuters Graphics Reuters GraphicsLeigh Himsworth, UK fund manager at Fidelity International, said he was "trying to pick off UK retailers we can buy", while it was also "time to pick up some of the (UK) real estate sector." But while noting good economic reasons to call an upturn for UK stocks, fund managers also stressed the need for further steps from policymakers to revive interest in British equities. Premier Miton is lobbying policymakers to introduce a new tax-efficient investment vehicle for UK stocks.

Persons: Toby Melville, we've, Daniel Lockyer, Morningstar, Martin Walker, Walker, Samuel Tombs, Reuters Graphics Reuters Graphics Leigh Himsworth, Spencer, Neil Birrell, Premier Miton, Miton, Savvas Savouri, Naomi Rovnick, Dhara Ranasinghe, Sharon Singleton Organizations: London Stock Exchange, REUTERS, Inflation, LONDON, Apple, FTSE, Investment Management, Global, Reuters, Bank of England, Reuters Graphics Reuters Graphics, Fidelity International, Premier, Fidelity, Thomson Locations: Canary Wharf, London, Britain, U.S, COVID, outflows

Official data on Friday showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The strong showing bolstered bets that the BoE would keep on raising interest rates, given the central bank stressed this month that resilience in the economy was one of the factors that would underpin its judgement. The central bank itself had pencilled in growth of 0.1% for the second quarter. "With much of the drag from higher interest rates still to come, we are sticking to our below-consensus forecast that the UK is heading for a mild recession later this year," said economist Ruth Gregory from consultancy Capital Economics. Reporting by Andy Bruce and David Milliken; editing by William James, Kate Holton and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sterling, BoE, Neil Birrell, Jeremy Hunt, Ruth Gregory, Andy Bruce, David Milliken, William James, Kate Holton, Christina Fincher Organizations: Bank of England, U.S ., Reuters, Bank of, Miton, National Statistics, Manufacturing, Reuters Graphics, Capital Economics, Thomson Locations: Bank of England, Britain, Germany, France, Italy, United States

☆ Cooler inflation unleashes monster rally in UK markets, dents pound
▼ + stars: | 2023-07-19 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

British annual consumer price inflation fell to a lower than expected 7.9% in June, below a forecast for a decline to 8.2%. June's rate was a long way off last October's 41-year high of 11.1%, but far above the BoE's 2% target rate. "Some good news on UK inflation at last, coming in below expectations for June and most importantly the core inflation rate fell more than thought," Neil Birrell, who is chief investment officer at Premier Miton Investors, said. British finance minister Jeremy Hunt said there was still a long way to go to reduce inflation towards target. Meanwhile, interest-rate derivatives showed traders no longer believe UK rates will have to rise above 6% to temper inflation.

Persons: Barratt, Taylor Wimpey, Neil Birrell, Sterling, Jeremy Hunt, Hunt, Jeremy Batstone, Carr, Raymond James, Danilo Masoni, Alun John, Dhara Ranasinghe, Andrew Organizations: Reuters, Premier Miton Investors, Bank of England, Thomson Locations: United States, European, Milan

☆ Reactions: UK inflation cools in June, pound drops
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +6 min

Sterling dropped broadly, falling against the dollar, the euro and the yen, as interest-rate futures showed investors no longer expect UK rates to peak above 6%. COMMENTS:KEVIN BRIGHT, GLOBAL LEADER, CONSUMER PRICING PRACTICE, MCKINSEY & COMPANY, LONDON:"Inflation dipped more than expected; but the gulf between the UK and the Eurozone inflation levels remains. Despite most categories seeing a decline, food & non-alcoholic beverage inflation at 17.3% remains only 1.8% below its peak in March 2023. "Continued rising prices, higher interest rates and below inflation wage growth – are a triple blow to household budgets. NEIL BIRRELL, CHIEF INVESTMENT OFFICER, PREMIER MITON INVESTORS, LONDON:"Some good news on UK inflation at last, coming in below expectations for June and most importantly the core inflation rate fell more than thought.

Persons: Sterling, BoE, KEVIN, JOE TUCKEY, JORDAN, NOMURA, CHRIS BEAUCHAMP, Andrew Bailey, JEREMY BATSTONE, CARR, RAYMOND JAMES, ” KENNETH BROUX, It's, JOSEPH CALNAN, NEIL BIRRELL, Amanda Cooper, Andrew Heavens, Catherine Evans Organizations: Bank of England's, Reuters, Reuters Graphics Reuters, MCKINSEY, COMPANY, LONDON, Bank of England, JORDAN ROCHESTER, CPI, IG GROUP, Bank of, SOCIETE GENERALE, U.S, EMEA, Thomson Locations: homebuilders, Bank of England, EUROPEAN

☆ US stocks jump as investors cheer lowest inflation reading in over 2 years
▼ + stars: | 2023-07-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Headline inflation eased to just 3% in June, marking the lowest inflation reading in 2 years. Core inflation, meanwhile, posted a year-per-year increase of 4.8% last month, below the expected 5%. Meanwhile, core CPI, which excludes volatile food and energy prices, rose 4.8% year-per-year, below economists' estimates of a 5% increase. The AI revolution is here and will spark a 15% rally in tech stocks, according to Wedbush's Dan Ives. A recession is looking less likely as inflation cools and the job market stays resilient, according to top economist Paul Krugman.

Persons: Neil Birrell, Ray Dalio, Wedbush's Dan Ives, Paul Krugman Organizations: Service, of Labor Statistics, Federal Locations: Wall, Silicon

☆ Stock pickers reckon it's time to move on from central banks
▼ + stars: | 2023-03-06 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

LONDON, March 6 (Reuters) - Stock market investors are calling time on the idea that the Federal Reserve, and other major central banks, have their back. The Nasdaq (.IXIC) is still up about 12% year-to-date and a sub-index of European tech stocks has gained 15% (.SX8P). A Reuters poll of 300 global asset managers last month showed 70% of those surveyed believed these so-called value stocks would outperform this year. Another sign investors are turning towards value shares is the reduced premium they are paying for growth stocks. "Central banks will keep rates high."

☆ Analysis: Move over TINA, it's time for TARA
▼ + stars: | 2023-01-11 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

Reuters GraphicsIdanna Appio, a portfolio manager at First Eagle Investments, said that TINA was good for passive investors as it meant that equity prices went up because bond yields went down. "The risk free rate," he added, referring to core government bond yields, "actually gives you something." Bond funds recorded net inflows for six straight weeks until early January, BofA said, based on its analysis of EPFR data. "The end of TINA is very important," said Francesco Sandrini, head of multi-asset strategies at Amundi, Europe's largest fund manager. "You don’t need a bond bull market, you now have income," said Jeffrey Sherman, deputy chief investment officer at U.S. money manager DoubleLine.

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